Aspen Aerogels, Inc.

Company overview

• Aspen Aerogels, Inc. designs, develops and manufactures high-performance aerogel materials.
• Core focus areas include industrial energy insulation, sustainable insulation materials, and electric vehicle (EV) markets.
• The company reports two segments: Thermal Barrier (EV and energy storage safety and performance) and Energy Industrial (insulation for energy facilities).

Products and technologies

Thermal Barrier

• PyroThin — an ultra-thin, lightweight, flexible aerogel thermal barrier for EV battery packs, designed to impede thermal runaway at cell, module, and pack levels.

Energy Industrial insulation

• Pyrogel XTE — high-temperature insulation reinforced with glass fiber batting for refineries, petrochemical facilities, and other high-temperature applications (typical use 100–400°C; select variants up to 650°C).
• Pyrogel HPS — high-temperature insulation for demanding thermal environments (>400°C; up to 650°C).
• Pyrogel XTF — similar thermal performance to XTE with enhanced fire protection via reinforced battings.
• Cryogel Z — for sub-ambient and cryogenic applications with an integral vapor barrier; helps reduce stress corrosion cracking in stainless systems.
• Spaceloft Subsea — engineered for offshore pipe-in-pipe applications and commonly pre-packaged to speed installation.
• Cryogel X201 — cold-system design without an integral vapor barrier for OEMs of refrigerated appliances, cold storage, and aerospace.

Other capabilities

• Aerogel blanket formats: standard widths to 60 inches and thicknesses from 1–10 mm; products are flexible, hydrophobic, vapor permeable, and machinable.
• Aerogel blankets provide higher thermal performance in thinner profiles compared with traditional insulation.
• Product lines target energy efficiency, resource efficiency, safety, and lifecycle cost advantages.

Markets and customers

• End markets include EVs and energy storage, energy industrial insulation (oil refining, petrochemicals, LNG, power generation, onshore/offshore oil, district energy), plus military, rail, bus, and infrastructure applications.
• Major OEM relationships: primary thermal barrier supply to GM, with production contracts involving Toyota, Scania, ACC, Audi (VW luxury brand), Volvo Truck, and others; prototype parts supplied to additional manufacturers.
• Installed base exceeds 525 million square feet of insulation; cumulative product sales since 2008 exceed $1.6 billion.

Revenue and concentration

• Total revenue: 2025 — $271.1 million; 2024 — $452.7 million; 2023 — $238.7 million.
• 2025 U.S. revenue: $172.1 million; international revenue: $99.0 million (37% international).
• International share: 2024 — 43%; 2023 — 37%.
• Customer concentration:
  • 2025: GM represented 59% of total revenue; Distribution International, Inc. represented 13%.
  • 2024: GM 64%; Distribution 6%.
  • 2023: GM 41%; Distribution 14%.
  • Top ten direct customers represented 84% of total revenue in 2025.

Financial highlights

• Revenue (years ended Dec 31): 2025 $271.1M; 2024 $452.7M; 2023 $238.7M.
• Net income (loss): 2025 net loss $389.6M; 2024 net income $13.4M; 2023 net loss $45.8M.
• Accumulated deficit: $1,049.8M as of December 31, 2025.
• Research and development expenditures: 2025 $13.4M; 2024 $18.1M; 2023 $16.4M.

Manufacturing, operations and quality

• Primary manufacturing facility located in East Providence, Rhode Island; 2025 leasing data lists the East Providence location at 196,969 sq ft.
• Additional manufacturing support from external facilities in China (Energy Industrial segment) and a Mexico-based automated fabrication facility (OPE) for PyroThin.
• 2023 expansion: Advanced Thermal Barrier Center (ATBC) in Marlborough, Massachusetts.
• Typical manufacturing steps for aerogel blankets: sol preparation, casting, aging, extraction, heat treatment, fabrication, and quality control.
• Core materials include silica precursors, fiber batting, CO2 and additives; supplier base spans North America, Europe, and Asia.
• Quality and environmental certifications: ISO 9001:2015 and ISO 14001:2015.
• Global sales force across North America, Europe and Asia, supported by distributors and contractors delivering to 50+ countries.

Intellectual property and enforcement

• Patent portfolio (as of December 31, 2025): 90 issued U.S. patents; 85 U.S. patent applications pending; 310 issued foreign patents; 353 foreign patent applications pending.
• IP includes patents, trade secrets, trademarks and licensing arrangements, including a cross-license agreement with Cabot Corporation.
• The company has pursued patent enforcement actions and maintains active litigation and defenses across jurisdictions including China, Korea, Europe and the U.S.

Employees and human capital

• Total full-time employees (Dec 31, 2025): 854 (U.S. 278; international 576).
• Mexico workforce is largely unionized; a collective bargaining agreement with the FASIM union was approved in February 2026.
• Company emphasis includes safety, inclusion, community engagement, compensation, benefits and parental leave, with a focus on health and well-being.

Corporate and capital structure

• Corporate headquarters: Northborough, Massachusetts.
• Wholly owned subsidiaries include Aspen Aerogels Rhode Island, LLC; Aspen Aerogels Germany, GmbH; Aspen Aerogels Georgia, LLC; Aspen Aerogels Mexico Holdings, LLC; and OPE Manufacturer Mexico S de RL de CV.
• Debt and credit facilities: Amended MidCap Loan Facility in place, maturing August 19, 2029, with cross-guarantees from Aspen Mexico and Aspen Georgia. The facility includes covenants that establish minimum liquidity thresholds and other financial maintenance requirements.
• The company does not pay cash dividends and does not plan to in the foreseeable future.

Summary

Aspen Aerogels, Inc. develops and manufactures aerogel-based insulation and thermal barrier products for EV battery safety and energy industrial infrastructure. Key products include PyroThin for EV batteries and a range of energy industrial products (Pyrogel XTE, Pyrogel HPS, Pyrogel XTF, Cryogel Z, Spaceloft Subsea, Cryogel X201). The company has a concentrated customer base, with GM representing a large share of revenue in recent years, and maintains a broad international sales footprint. Aspen holds an extensive patent portfolio, operates major manufacturing facilities in the U.S. and Mexico with additional support in China, employs 854 people, and operates under a term loan facility with covenant requirements.